Deals
Anadarko Board to Consider Occidental Bid
- Board determined offer likely to result in superior proposal
- Company says the Chevron merger agreement is still in effect
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Anadarko Petroleum Corp. plans to resume talks about a potential $38 billion takeover by Occidental Petroleum Corp., a move that threatens to scupper a previously agreed deal with Chevron Corp.
In a unanimous decision, Anadarko’s board of directors determined the Occidental bid "could reasonably be expected to result in a superior proposal," the company said in a statement Monday. It added that an earlier agreement to merge with Chevron remains in effect.